Estados financieros detallados de Belite Bio, Inc (BLTE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $169.21, BLTE presenta beneficios negativos (P/E no significativo) y un ROE del -10.07%. La capitalización bursátil es de $6.8B.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 | 0 | 0 |
| I+D | $3.7M | $7.4M | $8.9M | $24.8M | $29.9M | $45.4M |
| Generales y Administrativos | $2.1M | $2.4M | $4.0M | $6.8M | $10.1M | $38.8M |
| Gastos Operativos | $5.7M | $9.8M | $12.8M | $31.7M | $40.0M | $84.2M |
| Beneficio Operativo | -$5.7M | -$9.8M | -$12.8M | -$31.7M | -$40.0M | -$84.2M |
| EBITDA | -$5.7M | -$9.6M | -$12.4M | -$31.2M | -$35.7M | -$77.1M |
| Gastos por Intereses | $21000 | 0 | $16000 | $25000 | $20000 | 0 |
| Beneficio Antes de Impuestos | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| Impuestos | $1000 | 0 | 0 | $9000 | $6000 | 0 |
| Beneficio Neto | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| BPA | $-0.62 | $-0.40 | $-0.63 | $-1.19 | $-1.18 | $-2.31 |
| BPA Diluido | $-0.62 | $-0.40 | $-0.63 | $-1.19 | $-1.18 | $-2.31 |
| Acciones en Circulación (Diluidas) | $9.2M | $24.1M | $20.0M | $26.6M | $30.5M | $33.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$23.0M | -$28.1M | -$32.7M | -$34.9M |
| EBITDA | -$21.7M | -$30.7M | -$26.9M | -$34.9M |
| Beneficio Neto | -$21.7M | -$25.3M | -$26.9M | -$28.4M |
| BPA | $-0.65 | $-0.72 | $-0.68 | $-0.71 |
| BPA Diluido | $-0.65 | $-0.72 | $-0.68 | $-0.71 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $25.6M | $17.3M | $42.1M | $88.2M | $31.7M | $352.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $113.5M | $139.5M |
| Cuentas por Cobrar | $40000 | $23000 | $19000 | $867000 | $594000 | $718000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $25.7M | $17.4M | $42.8M | $89.9M | $147.1M | $494.3M |
| Inmovilizado Material | $66000 | $94000 | $1.3M | $1.3M | $965000 | $777000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $31000 | $3.3M | $4.0M | $4.9M |
| Activos Totales | $25.7M | $18.3M | $44.3M | $94.6M | $152.1M | $780.6M |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $972000 | $1.6M | $2.1M | $3.6M | $6.0M | $9.9M |
| Deuda a Largo | $31.8M | $31.8M | 0 | 0 | 0 | 0 |
| Pasivos Totales | $32.8M | $33.4M | $2.8M | $4.2M | $6.3M | $10.1M |
| Reservas | -$17.6M | -$27.2M | -$39.9M | -$71.5M | -$107.6M | -$185.3M |
| Patrimonio Neto | -$7.0M | -$15.1M | $41.5M | $90.4M | $145.8M | $770.5M |
| Deuda Total | $31.8M | $31.8M | $866000 | $886000 | $537000 | $429000 |
| Deuda Neta | $6.2M | $14.5M | -$41.2M | -$87.3M | -$144.6M | -$492.0M |
| Capital Circulante | $24.7M | $15.8M | $40.7M | $86.3M | $141.0M | $484.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $157.0M | $352.9M | 0 | 0 |
| Activos Totales | $282.4M | $780.6M | $811.3M | $791.6M |
| Pasivos Totales | $8.3M | $10.1M | $15.5M | $14.9M |
| Patrimonio Neto | $274.1M | $770.5M | $795.8M | $776.6M |
| Deuda Total | $510000 | $429000 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| Amortizaciones | $17000 | $30000 | $198000 | $399000 | $449000 | $464000 |
| Compensación en Acciones | $1.4M | $1.5M | $1.5M | $3.8M | $9.0M | $38.9M |
| Cambio en Capital Circulante | -$69000 | $640000 | -$491000 | -$2.4M | $1.1M | $2.6M |
| Flujo de Caja Operativo | -$4.4M | -$7.5M | -$11.5M | -$29.8M | -$29.2M | -$37.0M |
| Inversiones (CapEx) | -$20000 | -$74000 | -$394000 | -$63000 | -$151000 | -$178000 |
| Adquisiciones | 0 | $18000 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$4.5M | -$7.5M | -$11.9M | -$29.9M | -$29.4M | -$37.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | -$10385 | 0 | 0 |
| Inversiones (CapEx) | 0 | -$178 | 0 | 0 |
| Flujo de Caja Libre | 0 | -$10563 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $27205 | $11714 | 0 | $6781 |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -68.0% | -30.9% | -150.1% | -14.3% | -114.7% |
| Crecimiento BPA (anual) | | +35.5% | -57.5% | -88.9% | +0.8% | -95.8% |
| Cambio en Acciones (anual) | | +161.7% | -17.1% | +33.1% | +14.8% | +9.8% |
| Crecimiento FCF (anual) | | -69.2% | -57.0% | -152.3% | +1.7% | -26.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.48 | $-0.31 | $-0.59 | $-1.12 | $-0.96 | $-1.11 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $9.2M | $24.1M | $20.0M | $26.6M | $30.5M | $33.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -10.07% |
| Rentabilidad sobre capital invertido | -10.92% |
| Rentabilidad sobre activos | -9.94% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 33.56 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 319.70 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -17.08 | -26.47 | -47.85 | -38.45 | -53.47 | -69.25 |
| P/VC | -13.85 | -16.91 | 14.51 | 13.45 | 13.21 | 6.96 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |